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. a sticking point appears to be a and interest or the to close the deal. >> if congress does not act soon, drastic cuts will go into effect and taxes go up for everyone. more than $3,400 for the average american family. >> significant differences n the two sides and negotiations continue. >> negotiations will continue through the night. "politico" ined by reporter to talk about the fiscal cliff. it is looking like the president is going to try to get to introduce legislation to avoid some of the devastating tax increases. when the new congress is sworn in, and that means we're going over the fiscal cliff. unless we get something substantial in the next 24 hours, we will be going over the cliff. tax increases and on everybody. the defense cuts are not start until january 20. most americans are trying to tonight, come their paycheck, will this impact them? it does not create any 74 small-business owners. -- for small business small-business owners. know what is going to happen right now. the answer and is affecting the markets, the small-business market. >> secretary clinton is in the hospi
through the night and expected to come together around 11:00. if congress doesn't agree, spending cuts will go in to effect and we will pay more taxes. the impact is more than $3400 in a year. >>> she was supposed to return to work this week, instead, secretary of state, hilary clinton is in the hospital. treated for a blood clot that resulted after a fall earlier this month. >> reporter: hilary clinton was admitted to new york presbyterian hospital with a blood clot from a concussion she suffered several weeks ago. he doctors discovered the clot earlier in the day during a follow up exam. no details of where the clot is or other concerns have been releasede first time clinton has been diagnosed with a blood clot. in 98 she was admitted for a clot behind her right knee. the 65-year-old had a stomach virus this month and became dehydrated, fainted and struck her head. she canceled the trip abroad and was not well enough to appear on capitol hill to testify on the attack in libya. doctors want to monitor her medication over the next 48 hours. >>> good news for former president george hw
january 1st, after it takes effect if there is no deal cut, congress will quickly act to restore and do what they can to undo some of the damage. first thing to look at tomorrow, however, will be the stock market. the world markets are lookinga at what is going -- looking at what is going on in washington and we expect some serious aftereffects if nothing is done, sometime tomorrow. they still have until midnight tomorrow. >> good point, all right, thank you. >>> it was not all gridlock in washington. both parties were able to agree to a 1-year extension of the farm bill that expired in oublgt. once it is passed the bill ends the threat of milk prices doubling next month. the agriculture secretary say americans faced the prospect of spending $7 a gallon. you can keep tabs on the talks of the fiscal cliff, 24/7 by logging on to our web site. >>> just within the past half- hour we learned hilary rodham clinton has been admitted to the hospital. a blood clot. she had take enthe past three weeks off of work to recuperate after a nasty bout with stomach flew. doctors allowed her to recover a
with the fiscal cliff we face in slightly more than 24 hours. we're here and ready. >> congress will work through tomorrow, with republicans likely insisting more spending cuts be included. >>> budget cuts are at the department of defense also in the cross hairs, raising new concerns about national security. fox's peter doocy looks at what it could mean. >> reporter: senator lindsey graham told me this morning his phone rang saturday night and was the defense secretary calling saying he was told the bill to avoid the fiscal cliff will not avoid anything for sequestration. so he'll need to write 800 layoff notices to contractors. >> if the president doesn't deal with this, he's a lousy commander-in-chief. if there's a deal done that doesn't set aside the defense cuts, we've already cut out of the it was department, then i'm disappointed in the president as commander-in-chief and the republican party for allowing this possible a party. >> reporter: sequestration is designed to be painful. it was imposed by congress on itself when the super committee didn't work it out. president obama said today th
the new congress could restore spending cuts potentially. i don't think it ever happened in my lifetime. i have a few more yeast than you do. i don't think it happened that they actually cut anything. do you think that the fact republicans agreed to the tax increases that will get some kind of spending cuts? we keep hearing it is about spending, it is about spending. >> i think the hardest part to understand seems they have no skin in the game. as a business owner and president of a company i have a responsibility to as my clients and my employees and we make decisions that are fruitful and beneficial for the company with the money that we have. why doesn't the government have to do that? i feel very strongly that you know, we are held to some limitations. in fact it is against the law, if at times i was to spend more money than i actually have. doesn't make any sense. adam: no, it would make you a politician. >> absolutely. absolutely. there is no skin in the game. yeah, granted i have accountability. i have accountability to clients, employees, to produce the best product and service tha
that are scheduled to go into effect. keep in mind that some of the spending cuts that congress has said will automatically go into effect have an impact on our defense department but they also have an impact on things like head start. some programs that are scheduled to be cut and we're using an ax instead of a scalpel. they may not always be the smartest cuts. that is a piece of business that still has to be taking care of. i want to make clear that any agreement that we have to deal with these automatic spending cuts that are being threatened for next month, polls also have to be balanced. our principal has always been to do things in a balanced responsible way. that means revenue has to be part of the equation. the same is true for any future deficit agreement. obviously we're going to have to do more to reduce our debt and deficit. i'm willing to do more. it is going to have to be balanced. it has to be a balanced and responsible way. i'm willing to reduce our government's medicare bills by finding new ways to reduce the cost of health care in this country. that is something that w
that are scheduled to go into effect and keep in mind some of these spending cuts, that congress has said will automatically go into effect have an impact on our defense department but they also have an impact on things like head start. so there are programs that are scheduled to be cut that we're suing -- using an axe instead of a scalpel, may not always be the smart text cuts. so that is a piece of business that still has to be taken care of. i want to make clear that any agreement we have to deal with these automatic spending cuts being threatened for next month those also have to be balanced because my principle has always been let's do things in a balanced, responsible way. that means revenues have to be part of the equation in turning off the sequester in eliminating automatic spending cuts as well as spending cuts. the same is true for any future deficit agreement. obviously we'll have to do more to reduce our debt and deficit. i'm willing to do more but it will have to be balanced. we'll have to do it in a balanced, responsible way. for example, i'm willing to reduce our governmen
of those cuts in defense alone. >> well, the other part of the fiscal cliff is congress agreed that they would cut an additional $1.2 trillion in spending. they put a committee together to try to come up with those numbers. they didn't figure out how to do it. and so what we now have is a situation where these automatic spending cuts go into place. now if we have raised some revenue by the wealthy paying a little bit more, that would be sufficient to turn off what's called the sequester, these automatic spending cuts. and that also would have a better outcome for our economy long-term. but you know, so far at least, congress has not been able to get this stuff done. not because democrats in congress don't want to go ahead and cooperate. but because i think it's been very hard for speaker boehner and republican leader mcconnell to accept the fact that taxes on the wealthiest americans should go up a little bit. as part of an overall deficit reduction package. >> you talk about a dysfunction in washington. you signed this legislation setting up the fiscal cliff 17 months ago. how
of the fiscal cliff is congress agreed that they would cut an additional $1.2 trillion in spending. they put a committee together to try to come up with those numbers. they didn't figure out how to do it. and so what we now have is a situation where these automatic spending cuts go into place. now if we have raised some revenue by the wealthy paying a little bit more, that would be sufficient to turn off what's called the sequester, these automatic spending cuts. and that also would have a better outcome for our economy long-term. but you know, so far at least, congress has not been able to get this stuff done. not because democrats in congress don't want to go ahead and cooperate. but because i think it's been very hard for speaker boehner and republican leader mcconnell to accept the fact that taxes on the wealthiest americans should go up a little bit. as part of an overall deficit reduction package. >> you talk about a dysfunction in washington. you signed this legislation setting up the fiscal cliff 17 months ago. how accountable are you for the fact that washington can't get anything d
that are scheduled to go into effect. keep in mind that some of these spending cuts that congress has said will automatically go into effect have an impact on our defense department, but they also have an impact on things like head start and so there are some programs that are scheduled to be cut that we're using an ax instead ax instead of a scalpel. may not always be the smartest cuts and so that is a piece of business that still has to be taken care of. and i want to make clear that any agreement we have to deal with these automatic spending cuts that are being threatened for next month, they have to be balanced. my principle is to do things in a balanced, responsible way and that means that revenues have to be part of the equation in turning off the sequester and eliminating the automatic spending cuts as well as spending cuts. now, the same is true for any future deficit agreement. obviously, we will have to do more to reduce the debt and deficit. i'm willing to do more but in a balanced, responsible way. for example, i'm willing to reduce the government's medicare bills by finding ne
, i'm jjnniferrgilbert. you've fiscal cliff lately, here's congress decided to create a meehanismmthht cut militaay spending and entitlemmnt trillion dollars to try to force themselves into a deaal deal. that cliff is heree and it arrives as taxes are set o go up on all americans. anyone making ovee four year to pay more in taxes. conservative republicans don't want to raise taaes on anyyne. they're deeand only √°spending cuts√° to curb he country'ss debt. vice president biden and minorityyleeder mitch mcconnell are now talking agreement bott sidessof the senate caa agree on. 3 3 &p obviously, whaa had happened here between the two leaaers innthe senate had broken down because the senatt democrats republiianssmade last night. so hoppfully, the discussions back on track, hopefully get a can vote on, hopefully today - or tomorrow. it's not just your taxes, in 26 hours will have a edinn devastatiig effect on deffnse cuts will spiral outward to government conttactors aad coull lead tt widespread layoffs according to economisss. 3 and we're tracking morr breaking
. >> the agreement that the obama administration and congress made was to cut six percent of the defense budget. which even it was cut would be well above what was pre-9/11 numbers. >> so we'll be looking at more than a trillion dollars in cuts to our defense budget over the next ten years. where will those cuts be? the much shorter answer is, where won't those cuts be? >> we're talking about $650 billion. we can reduce that by well over $100 billion a year. i believe, frankly by, not in the first year but by a couple of years from now, by $150 billion a year and still be far safer than we've been and without any potential threat to our ability to exist. >> and in the next five years, the military will downsize its active duty personnel and move many of them from europe back to the u.s. in a pivot to asia. >> the key budget and strategic question, as i look out over next five years or so is, is how does the u.s. remain strong or even add to its strength in asia without simply reinforcing what i think of as the legacy systems that we've had for generations that were our means of projecting power
george w. bush initiated tax cuts for all americans. but this deal is with the double, it is politically expedient but costa to government and will expire in 10 years timing. >> houses of congress have passed the package of tax relief. this will impact the middle-class. the one those cuts were going to expire the u.s. was just emerging from the worst recession since the great depression. he agreed to extend those tax cuts for two more years for congress to extend federal emergency unemployment benefits. those costs are expensive. extending those to 2020, the bush era will be responsible for over one half of the total national debt. democrats insist that tax will go up for the wealthy but stay in place or under $250 k! >> we need to stop the job killing tax hikes and also cut spending, now. >> republicans cannot want to play ball. no more higher taxes on any one or the rich. they say that this ideology should the government as small as possible the rich are as old as governments possible. the main spokesperson is this man, grover norquist. the americans for tax reform. he was almost regen
that are scheduled to go into effect. and keep in mind that some of the spending cuts that congress has said will automatically go into effect, have an impact on our defense department, but also impact things like head start. so there are programs scheduled to be cut that we're using an axe instead of a scalpel. may not always be the smartest cuts. so that is a piece of business that still has to be taken care of. i want it make clear that dealing with the automatic spending cuts threatened for next month, they also have to be balanced. remember my principle is, let's do things in a balanced responsible way and revenue has to be part of the equation in turning offer the sequester and eliminate automatic spending cuts as well as spending cuts. the same is true for any future deficit agreement. obviously, we're going to have to do more to reduce our debt and deficit. i'm willing to do more but it has to be balanced. we have to do it in a balanced responsible way. for example, i'm willing to reduce our medicare bills by finding ways to reduce the cost of healthcare in this country. that's somet
they have to be part of this deal? you've got half of those cuts in defense law? >> well, congress agreed they would cut an additional $1.2 trillion in spending. they put a committee together to try to come up with those numbers. they didn't figure out how to do it. so what we now have is a situation where these automatic spending cuts go into place. now, if we have raised some revenue by the wealthy paying a little bit more, that would be sufficient to turn off what is so-called the sequester, these automatic spending cuts, and that also would have a better outcome for our economy long-term. but, you know, so far, at least, congress has not been able to get this stuff done, not because democrats in congress don't want to go ahead and cooperate, but because i think it's been very hard for speaker boehner and republican leader mcconnell to accept the fact that taxes on the wealthiest americans should go up a little bit as part of an overall deficit reduction package. >> you talk about a dysfunction in washington. you sign this legislation setting up a fiscal cliff 17 months ago. how accoun
on the beltway. that's a look at the traffic, over to you. >>> tax hikes and spending cuts are hours away. down to the deadline if congress and the president are going to stop the nation from going over the fiscal cliff. without a deal, taxes are set to go up on about every american. >> reporter: talks continue but this morning, still no deal. republicans and democrats nee gobuated all weekend, with the hope of passing legislation that would protect most people from a massive tax hike, set to kick in type at midnight. our top priority is make sure taxes on middle class families don't go up to hurt the economy badly. >> reporter: optimism about a deal over the weekend, when the republican leader in the senate made an offer, that all ended when senate majority leader said he couldn't present a counter proposal, in a hail mary, he phoned for help. >> i placed a call to the vice president to see if he could jump start the negotiations on his side. i'm willing to get this done. i need a dance partner. >> reporter: white house officials say vice president biden is now playing a direct role in the tal
, at least do the tax part. if you do not have the tax cuts, rather, the spending cuts in the house of representatives, i talked to a republican congress hand with ties to the leadership early today, and he told me that our guys will go ballistic if we do not get spending cuts. >> is there anything other than sequestration that could appease the republicans? any other spending cuts? anything on the table? or just too little too late? >> that is hard. remember, we only go over half of the cliff at midnight tonight. that makes it almost hard to avoid by the parliament, the tax cut portion. but if sequester, the budget control act from august of 2011, that has to be order by the president and it does not kick in, until january 2nd. the idea they could ram something through the senate tonight and move to the house of representatives, house republican sources say there is no way they would do this tonight. if they did, they would have to do it in the light of day and they want to check with their members and talk to them about this. they don't know where the members would stand. >> every
: anyone they come up with today is not likely to reduce significant spending cuts. >> congress goes back to work trying to avoid the fiscal cliff. >> how close are we to a deal here? >> we shouldn't be waiting for people to cut deals in back rooms. american people ought to be able to watch the discussion and the debate. >> reporter: a connecticut lawyer is getting heavy criticism because he wants to sue the state over the newtown shooting. >> hello. we didn't do enough. this never should have happened. >>> colts' head coach makes it back to the sidelines three months after being diagnosed with cancer. >> it's like getting hit in the head with a baseball bat. >>> kim kardashian and kanye west are expecting their first child. >> a little shocked. a little surprised. >>> if we go over the fiscal cliff, americans will go back into recession. >> we don't want a howard dean scream. >> bungee jumping. >> we might need it. i might then and i might now. >>> i'm norah o'donnell with anthony mason. charlie and gayle are off. we have hours go before the fiscal cliff deadline when dramatic increases
the deal. >> reporter: if congress doesn't act soon, drastic spending cuts will go into effect and taxes go up for everyone. senate leaders continue to work on the stop gap bill, but sticking points remain. >> there's still significant difference between the two sides, but negotiations continue. >> reporter: reid said negotiation also continue through the night, with just hours left till that deadline. john and paula? >>> secretary of state hillary clinton is spending new year's eve in the hospital. during a checkup for her concussion, doctors discovered clinton developed a blood clot. now she's on medication. the medical experts we spoke with speculate that clinton may have developed the clot after days of inactivity due to the concussion. >> we wish her a speedy recovery. >>> millions of americans struggling to navigate roads that are glazed over with ice and snow. >> one crash alone, nine people passed away on an org highway and more than 20 others were injured. >> reporter: on the icy roads of the blue mountains in oregon, a tour bus crash on i-84. drives was also disastrous in the east
the across the board cuts for 30 days. give the new congress a chance to make smarter, targeted cuts of equal value and fix the medicare reimbursements so seniors aren't threatened in the middle of the month of not being able to get medical care and extend unemployment. don't be cure -- cruel to those who are trying to find work. it's not the specifics really, that i want to talk about here. it's the procedure. this is what will solve it. this is washington. it's not about reality. now, here it is. the midnight magic plan. we began debate at 10:00 p.m. and for the first two hours, everybody could go to their usual corners. the rrps could decry the increased taxes on job creators, on income over $250,000 or $400,000 or $450,000. the republicans could stay true to their pledge to grover nor gallons quist never ever to raise taxes for any purpose, never. we could have the usual debate for two hours. midnight. stop. come together a little bit. then the midnight magic. now, the same bill is cutting taxes for 98% of the working people in the united states of america. the democrats would have protec
congress take a pay cut of about 35%, and take any revenue the dead and take that revenue and put it towards the debt to pay down our debt. our debt is caused by wars, not by social security, not by medicare. we people who work out here, we pay into social security. we pay into medicare. so, let them take a pay cut. if they want to start cutting everybody, how about congress taking a pay cut? thank you for taking my call. host: christian, your message to washington on this deadline day, about 9 1/2 hours before we reached the midline -- the midnight deadline. caller: i do not think we should now go over the fiscal cliff, and i do not think it is responsible whether you are republican or democrat. i think both parties should unite and work for all americans. it is not obama's fault he was handed a mass. he has done a great job with that. honestly, i was a republican at the time when i voted for him and have since changed to become a democrat. is not about the individual parties. it is about responsibility. if i am not responsible with my money, i pay. i have been recently disabled,
and now the pressure is on congress to produce. >> the president talked about making social security cuts a nonstarter for many of his fellow democrats. and they now appear to be off the table. just about any deal congress and the president come up with now will drive deficits even higher. >> reporter: and the other thing we'll be watching closely, the markets. on friday the dow was down 160 points. if you look at the last five days of trading excluding christmas, five down days in a row. skidish investors are keeping close eye on congress to see if they can come up with anything. back to you guys. >> all right. thank you very much. checking some of our other top stories secretary of state hillary clinton remains in a new york city hospital after doctors discovered a blood clot stemming from a concussion she had. she is being treated with medication and will most likely stay in the hospital for the next 48 hours. the clot was discovered yesterday during a follow up appointment. >>> former president george h.w. bush also remains in the hospital this morning. his family says he's been moved
: if congress doesn't act soon, drastic spending cuts will go into effect and taxes go up for everyone. the tax impact for the average american family, more than 3400 dollars. senate leaders continued to work on a stopgap bill but sticking points remain. >> there's still significant distance between the two sides, but negotiations continue. >> reporter: negotiations will through the night, now with just hours to go until the deadline. abc news washington. >>> for more on the fiscal cliff and what it means for your money, we've got you covered, abc2news.com, just head to our home page slide show for a break down of the different scenarios in washington and what they could mean for your paycheck. >>> and now, maryland's most accurate forecast. >>> gusty winds this afternoon. take a look. a shot that looked very cold in parkville with those clouds, from time to time, mixed in with some sunshine. take a look at chesapeake beach, very gusty winds now along the bay this afternoon. we'll take you up toward frederick, a scenic looking shot and the shot downtown right now, dry but cold. 31 degrees at th
into effect. and keep in mind that some of these spending cuts that congress has said will automatically go into effect will have an impact on our defense department and head start. so there are some programs that are scheduled to be cut that we are using an ax instead of a scalpel. it may not always be the smartest cuts. so that's a piece of business that still has to be taken care of. i want to make clear that any agreement we have to deal with these automatic spending cuts set for next month. those have to be balanced. my principle has always been let's do things a balanced responsible way. that means revenues have to be part of the equation in turning overt sequester and automatic spending cuts as well as spending cuts. the same is true for any future deficit agreement. obviously we'll have to do more to reduce our debt and deficit, i'm willing to do more, but we have to do it in a balanced, responsible way. i'm willing to reduce our government's medicare bills by finding ways to reduce the cost of healthcare in this country. we want to to make sure medicare is there for future generati
for 98% of american workers, extend unemployment benefits and prevent a huge cut in payments to medicaid doctors. >> we should introduce legislation to make sure that middle-class taxes stay where they are. >> even if they reach a deal it won't pass congress by monday night. if it doesn't everybody's income taxes will go up. the average family would pay $3,324 would. if congress doesn't passion a new bill? >> we'll come back with a new congress in january 4th and first bill will be introduced on the floor will be to cut taxes on middle-class families. >> the bargaining continues tonight. >> ama: in two dates, new laws to take effect in california. plus, we'll break down the incredible video that shows a plane crashing into a freeway. director of star trek movie is back in the day, we didn't have the u-verse wireless receiver. [ light laugh ] the tv stayed in one place... mmmmhmmmm. ...right next to the upstairs tv outlet. oh yeah. they can move the tv all over the place, even outside. grandpa... mmmhmm? kids have it easy nowadays. [ glasses clink ] i'm trying to tell ya. [ male announcer
spending cuts. there is some talk about putting them off for a couple of months to give congress some time to really look into it in a more deliberative way and find some spending cuts elsewhere. gerri: so, where is the fiscal austerity? where is then no spending? is seems to me like it's all about raising taxes. it's all about spending more money. there is no savings, no cutting back. >> well, senator mitch mcconnell , the republican leader in the senate has been negotiating with the vice-president on behalf of the president, mcconnell went to the floor to say that there will be spending cuts down the road here . they had come to agreement on the tax part of this and wanted to get that passed and approved so that hundred million plus american families would not be facing a tax increase on january january 1st. it looks like that they will. we are going to go over the cliff, but congress is going to try to fix that in the next few days. he promised more spending cuts will come. remember, republicans do have the debt ceiling coming to. they have to approve an increase in the debt ceiling, pr
republicans, what is -- why? >> reporter: if the deal finalized, and if passes congress, two big ifs, it would extend tax cuts for all workers under $400,000, prevent a big hike on estates under $5 million and extend unemployment benefits set to expire tomorrow for some 2 million people. so, the scramble continues tonight. congressional leaders trying to get to a deal that would pass both the house and the senate sometime over the next 24 hours or so, david. >> jon, stick with us here. i want to show the viewers at home that beautiful red and white crystal ball prepared to come down in times square tonight, blue and green, it changes colors as we look at it. the bottom line is, when that ball drops tonight, every american's taxes going up? >> reporter: that is exactly right. they are going to try to come back and fix it, but as of midnight tonight, everybody's taxes go up. >> all right, jon karl on the watch there at the white house. jon, thanks to you. >>> we're going to turn to the other developing story tonight, the ongoing health scare for hillary clinton. she remains in a new york hospita
hikes and spending cuts in. >> danielle leigh has more. >> congress is waking up from an intense weekend. >> the senate stands in recess. >> they will not meet again until later this morning. in atre going to come 11:00 a.m. tomorrow morning and we will have further announcements perhaps at 11:00 in the morning. >> hold because of what aides described as constructive movement over the weekend. avoiding a jump in inheritance taxes. republicans dropped a demand to cut social security. >> the consequences are too high for the american people to be engaged. i am interested in getting a result here. >> i think it has been hard for john boehner and mitch mcconnell to accept the fact that taxes on the wealthiest americans should go up a little bit. >> yesterday it was republicans waiting on democrats for a counter offer. >> mitch mcconnell called the vice president for help. lawmakers will scrambled into the final hours. republicans will likely push for reforms they give up this time around on the debt limit debate in the new year. danielle leigh, wbal-tv 11 news. >> maryland could be hard hit
, then the new congress could say oh, looko they raised taxes and then we voted to cut them down.d so they are all interested in political consumption, or looking good rather than really taking on and tackling a difficult problem.icm. >> it is frustrating for all of us watching, but we're going to stay on top of this. mark, i know you will, too.to thanks so much.thch >>> the other big story we're following, redskins nation celebrating washington's victory and historic win over the cowboys last night. the team clenched the nfc east, and ticket to the playoffs fora the first time since 2007. it has been an exciting 24 hours for the team and fans who arear now preparing for game one ofga the mepost season. let's head to fedex field. >> reporter: shawn, the nfl is a rough business, and no dayan assumption it up betterd today, why 12 teams are smiling heading to the post season, 7 headhe coaches, five gms fired today. fortunately, mike shanahan, theh redskins, one of those 12 still smiling. the playoff hopes are still alive, as they are the nfc east champs, let's take you to lastt night a
spending cuts will likely become a bargaining chip in the next big fight over whether to raise the debt ceiling. that's a fight congress is going to have in january and february. >> nancy cordes thank you. more than $100 billion in required spending cuts would also kick in if there's no deal. at the white house, major garrett says the obama administration is getting ready for those across the board cuts. major, what exactly is the white house doing to prepare? >> reporter: good morning, norah and anthony. the obama administration is in the final stages of delivering layoff notices it will deliver to federal agencies across the government, this to comply with across the board spending cuts 6% to 7% that are required in the so-called fiscal cliff. agencies will decide which employees to lay off and when. as part of these preparations, the administration also has notices it will soon deliver to delay or cancel federal government contracts. as for negotiations themselves it is a bit of a team effort here at the white house. president obama is dealing directly and spoke f
. >>> tax hikes and spending cuts could be hours away, it is down to the deadline, if congress and the president are going to stop the nation from going over the fiscal cliff. without a deal, taxes are said to go up on every american. sherrie johnson is here with the latest. >>> talks continue this morning about 11:00, so far there is no deal. republicans and democrats negotiated all weekend with the hope of passing legislation that will protect most people from a massive tax hike set to kick in tonight. there was optimism when the republican leader in the senate, mitch mc connell, made an offer, it ended when harry reid said he couldn't precepts a counter proposal. joe biden is playing a direct role in the talks. they remain at odds over the across the board cuts to government programs and defense set to go in to effect. they are divided on taxes. the white house wants to raise rates on people making more than 250,000 dollars a year. republicans would like to keep the estate tax from going over. >> we have to make sure taxes on middle class families don'ts go up that would hur
is vowing to find out. >> can the senate veteran help congress tumble to a deal on the last day? >> if we do go off the fiscal cliff, congress would be more likely to make a deal. members could claim they are cutting taxes. >> thank you. if america does fall off the fiscal cliff on the first of the year, maryland would be hit hard. hundreds of millions of dollars and tens of thousands of jobs lost. >> we have a lot of federal workers and businesses that rely on the federal government. many are watching the negotiations closely. if partisan politics prevail and they cannot reach a deal, americans in maryland will burden will -- will be burdened. legislativent of observances had a report about what the impact would be. if we fall off the fiscal cliff. maryland will lose $178 million in funding next year. economists say to make up for it, the state will have to make cuts. >> it will be a challenge to make the ends meet. >> the greater economic impact could be huge hit in sales and income revenue. the state would lose about $268 million in 2013 and another million in 2014. >> small business inno
to be a massive fiscal cliff of large spending cuts and tax increases. i hope that congress will look at that and figure out ways to achieve the same long-run fiscal improvement without having it all happen at one date. >> there's still significant distance between the two sides, but negotiations continue. there's still time left to reach an agreement. and we intend to continue negotiations. >> and so, here we are, new year's eve, and the country counts down to popping champagne corks, the ball dropping in times square, and going over the fiscal cliff. if congress fails to act in the remaining hours of 2012, taxes will go up on all americans and a series of mandatory government spending cuts will kick in. hello, new year. hello, new recession. after two years of missing self-imposed deadline after self-imposed deadline, all eyes were on the senate over the weekend as the house's failure to even bring a plan to a vote left it up to the upper chamber to find a way out. vice president biden who had remained on the sidelines in this round of talks was even called in to help move things al
congress on january 4th and the first bill on the floor will be to cut taxes on middle class families. >> the bargaining continues tonight. >> the fremont please chief has called it quits. he was worked in law enforcement for more than four decade. he will be replaced by the captain. the chief will stay on the job for the next four months to help the transition. >> in two days you'll see new laws take effect in california, one law for private space travel. >> we'll break down this incredible video that show planes crashing into a freeway. >> leigh: i'm leigh glaser. will there be rain for the all-important new year's night? we'll take a look at the >> break new. hillary clinton has been admitted to the hospital with a blood clot stemming from a concussion she received this month. the doctors found the clot during a followup exam today. she was admitted to a hospital in new york so doctors can treat her and keep an eye on her. >>> on tuesday, several new laws go into effect in california. here's a look at some of them. california bill be the first state to ban therapy for gay teens. pr
the pressure is on congress to produce. >> the president talked about making social security cuts. and they now appear to be off the table. which means that just about any deal congress and the president come up with now will drive deficits even higher. >> and the other thing the markets. for instance, on friday, the dow was up 160 points. and when you look at the last five days of trading, the markets were closed on christmas but down every single one of those days. in washington, doug luzader, fox news. >> sit down with law makers for an inside look at the last minute fiscal cliff negotiations. >> plus, counting down the hours until maryland makes history. how the free state is getting ready for tomorrow's first same sex marriage. >> we're going to show you the dramatic video of a russian plane crashing alongside a crowded highway. >> a live look outside. the latest weather and traffic coming up next. we'll be right back.  >>> checking world news this morning. video from a plane crash. it was all count on camera mounted on a passing car. you see the plane crashing o
prevent these huge tax hikes and spending cuts from kicking in. >> we don't yet see an agreement, and now the pressure is on congress to produce. if they don't, what i've said is that in the senate we should go ahead and introduce legislation that would make sure middle class taxes stay where they are, and there should be an up or down vote. everybody should have a right to vote on that. if republicans don't like it, they can vote no. >> brianna keilar, she's at the white house. brianna, they're saying they're going to come back to work in a couple of hours. a lot of people have been up a lot longer than that, up earlier, trying to figure out what's going on here. i understand you do have some news. potentially there's a new offer on the table. >> reporter: that's right. according to democratic sources, suzanne, they have gone up to $450,000 as the threshold for those income tax rates for where those bush-era tax cuts would expire. so beyond $450,000 for a family. this is somewhat significant because initially the president's starting point, once everything fell apart in his negotiations
is designed to be painful. it was the penalty the congress imposed on itself last year. now, half of the cuts are directed at the pentagon but president obama said today the dramatic across the board cuts can be offset by raising taxes on the rich. >> if we have raised some revenue by the wealthy paying a little bit more, that would be sufficient to turn off what is called the these automatic spending cuts and that would have a better outcome for our economy long term. >> reporter: senator graham said he thinks it is possible to find the money in cuts elsewhere to spare the defense department. but he thinks a bipartisan agreement probably can't be reached until february or march. >>> so at this point, there is no agreement on how to avoid the fiscal cliff but lawmakers managed to reach an agreement on another big issue. they have extend the farm bill by one year. it was set to expire soon and would have nearly doubled the current price of a gallon of milk sending it soaring to about $7 a gallon. >>> coming up, sometimes getting in trouble can lead to something good. >> up next find out what a
to anybody at all, the least of all congress. they were the ones who extended the bush tax cuts. originally passed back in 20,122,010 and 2012. for two years now, they have known the issue is looming and they chose to do nothing about it at all. but that is not the only thing that this lame-duck congress has to do for the end of the year. e farm bill passed last summer to help farmers hit by the drought has to be extended. into the next year, it must pass. if they do nothing, a gallon of milk goup $6 a gallon. it sure isn't going to help consumers. then there are restrictions on u.s. exporte, lower tariffs in good deal for them. awaiting the attention of lawmakers and again, they are not even paying any attention. and today, they are threatening to do something with the hurricane sandy relief bil the hurry up and get it done attitude of small-business owners. a 9-foot wave of flood water hit her store. she has picked up the pieces and opened her doors for business. despite losing all her equipment and furnishings, her insurance denied her claim and she got no help from the government. taloo
. keep in mind that some of these spending cuts that congress has said will automatically go into effect have an impact on our defense department but that also have an impact on things like head start. there are some programs that are scheduled to be cut. we are using an ax instead of a scalpel. it may not always be the smartest cuts. that is a piece of business that still has to be taken care of. i want to make clear that any agreement we have to deal with these automatic spending cuts, those also have to be balanced. my principle has always been to do things in a balanced, responsible way and that means revenues as to be part of the equation in turning off the sequester as well as spending cuts. the same is true for any future deficit agreement. we will have to do more to reduce our debt and deficit. i am willing to do more but it will have to be balanced. we will have to do it in a responsible way. i am willing to reduce our government's medicare bills by finding new ways to reduce the costs of health care in this country. that is something which all agree on. we want to make sure tha
and members of congress need to make about spending cuts and deficit reduction and tax revenue into later part of february, perhaps march. this compromise we're talking about, chris, doesn't deal with the debt limit. it doesn't deal with funding the government. so it essentially -- and this is what a lot of republicans have told me. they're happy to go through this on the tax rates if they get anything above $250,000, they think that's a win because they believe they can have the same type of fights over spending, same type of fights as one told me a few days ago, bring the president to his knees in a few months. so this is not that big of a concession for them off the bat. it's extraordinary when you think about it in the context of ten years but in terms of moving forward, they really see it's helping their negotiating leverage which is a fascinating, fascinating development. >> to tell you about the patience of the american people, they did this survey about words and phrases they want to get rid of. number one, they're done with fiscal cliff. >> yeah. >> and also kicking the can down the r
. it's what the president has requested the congress do. we net to pass -- maintain the tax cuts for the middle class which will benefit 97% of small businesses. we need to keep pegging the alternative minimum tax to inflati inflation. we need to continue with the unemployment insurance. we'd love to see a continuation of the payroll tax cut, i don't think that's going to happen, and we need to put on hold the draconian spending cuts that are slated to happen in the next day or two. with that we would be able to keep money in the hands of america's small business owners and their customers. >> so small business owners as you're saying, you need specific and you'd like to see them get into this particular -- whatever negotiations are happening now initially, you want all of what you said in that? >> everything i just listed is supported by the vast majority of people in congress actually, and it's really unfortunate that the deal is being held up by sort of an ideological obsession with tax cuts on millionaires and on the upper 2% bracket. we've done expensive polling of small bus
on the floor of the senate? >> that sticking point has to do with those mandatory spending cuts that congress put in place a year and a half ago in order to try to force themselves to cut spending elsewhere. the question is, it's called the sequester. the question is whether or not to delay it. the big sticking point right now, depending on who you talk to, republicans, wolf, they say the sticking point is over the fact that they believe the agreement is to delay the sequester for two months and replace it with other spending cuts. and they say the democrats simply aren't telling them what those cuts are. they say it's about $24 billion, which when you're talking about this kind of amount, is not very much. talk to democrats, however, they say that's not the issue. they, at least the democrats in the senate, want to delay the sequester for more than that. maybe up to a year. so that is where the sticking point is. that's why mitch mcconnell, as we talked about at the top of the hour, went to the senate floor after the president spoke and said, we have a deal on everything else, let's just tak
some sort of compromise before massive spending cuts and tax increases kick in. randall pinkston has more from capitol hill. >> reporter: members of congress left meetings on capitol hill sunday without a deal. hours before the nation is set to fall off the so-called fiscal cliff. >> there is still significant distance between the two sides, but negotiations continue. >> reporter: if republicans and democrats can't strike a deal before midnight monday, taxes will go up for most every american. automatic spending cuts will kick in. millions will lose unemployment benefits. >> i'm willing to get this done but i need a dance partner. >> reporter: republicans introduced but quickly withdrew a proposal to cut the deficit by slowing social security. >> there is a lot of give and take going on right now but republicans don't want to see tax increases used for new spending. >> reporter: vice president joe biden was called on to help with the negotiations, this as the white house places a lot of the blame for the impasse on the gop. >> they say their biggest prior is making sure we deal with
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